Thomas Elghanayan
The Elghanayan brothers’ TF Cornerstone has more than a dozen residential projects rising in Long Island City, of 35 total in the area, the New York Observer reported. So what makes the Elghanayans, who left their brother Henry, of Rockrose Development, to form TF Cornerstone in 2009, so confident that Queens is the next Williamsburg? “It’s four minutes on the 7 train to Grand Central [Terminal],” Thomas Elghanayan told the paper.
Elghanayan goes on to say that LIC is “the prime outer-borough location,” that TF Cornerstone has refinanced its entire portfolio to the tune of $1.1 billion, and that while he is glad Henry is building in the same area, his and Frederick’s is “the real luxury property out there.”
Elghanayan also alludes to a new project, which TF Cornerstone is negotiating to buy a site for now, where they hope to build a 1 million-square-foot building. “I can tell you it’s on the West Side, in Chelsea and in Hell’s Kitchen —mixed-use, but no condos,” is all he would say. [NYO]
February 07, 2012 at 4:53 pm, UWS said:
So you’re 7 minutes to a train station that takes you to CT. Unless you work within walking distance of Grand Central, why would you care to be so close to Grand Central? It’s not like there’s lots of subway transfers there to take you to other places. Restaurants, clubs? I just don’t get it. Williamsburg’s L train takes you to the East Village, Union Square (shopping, lots of transfers), West Village and Chelsea (even more transfers). These are all places where people actually want to be.
February 08, 2012 at 8:17 am, nycretailbroker said:
@UWS, You do know that the 7 doesn’t stop running at Grand Central right? From there you can get the 4,5,6 or continue 1 stop to the B,D,F,V or be more adventurous with 2 stops from GC and you have the A,C,E,1,2,3,Q,N,R… LIC is the next big thing OUTSIDE the city, but it’s definitely not the city.